Revenue Categories

Revenue categories are used to define the posting accounts for your company's share of each type of revenue. There should be a revenue category record defined for each type of revenue the system recognizes: BBL - Oil revenue; MCF - Gas revenue; TRANS - Transportation revenue; MISC1 - Miscellaneous revenue 1; MISC2 - Miscellaneous revenue 2; OTH - Other product revenue; COMP - Compression; GATH - Gathering. There should also be a category defined for each of the taxes being deducted from the revenue. The tax codes are defined as: OTAX1-4 - Oil taxes 1-4; GTAX1-4 - Gas taxes 1-4; PTAX1-4 - Other product taxes 1-4.

You cannot change an existing Revenue Type or add a new one. You can, however, change the description for each revenue type if desired.

Revenue Type
Valid revenue types are: BBL, MCF, TRANS, MISC1, MISC2, OTH, COMP, GATH, GTAX1-GTAX4, OTAX1-OTAX4, PTAX1-PTAX4.

Revenue Description
A description of this revenue code.

Working Revenue
The account used to post your company's working interest share of this revenue type or tax. This should be an Income type of account.

Royalty Revenue
The account used to post your company's royalty share of this type of revenue or tax. This should be an Income type of account.

Override Revenue
The account used to post your company's overriding royalty share of this type of revenue or tax. This should be an Income type of account.

Note: The operator's share of revenue will be cleared from the Revenue Clearing account like any other owner within the well, however, their share of revenue will then be posted to the income accounts chosen in the Revenue Categories screen instead of creating a disbursement check for the operator. This will take place only if the option "Post this Owner to QB Income and Expense Accounts" is chosen in the operator's Owner Information record.

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